Posts Tagged ‘Wall street owns Washington’
Posted by Larry Doyle on January 11th, 2014 5:06 AM |
There is never any bad press. Although my interview on Lou Dobbs Tonight last evening may have only run for 3 plus minutes, the points covered go to the core of my recently released book.
I was about to connect and expose the third leg of the Wall Street-Washington conspiracy, that being the scandalous corruption within our regulatory system, when host Lori Rothman inquired about Dodd-Frank.
What didn’t we talk about last evening but is covered in the book? (more…)
Tags: Larry Doyle FINRA, Larry Doyle Fox Business, Larry Doyle In Bed with Wall Street, Larry Doyle interview on Fox Business, Larry Doyle interview with Lori Rothman, Larry Doyle mbs trader, Larry Doyle on Lou Dobbs Tonight on Fox Business, Wall street owns Washington, Wall Street-Washington incest
Posted in General, In Bed with Wall Street | No Comments »
Posted by Larry Doyle on August 27th, 2013 11:53 AM |
Has there ever really been a doubt that Larry Summers would be the next chairman of the Federal Reserve?
Not in these parts.
Remember, President Obama — just like his predecessors — will announce who the chairman of the Federal Reserve will be, but that does not mean that he actually makes the selection.
Who do I believe really makes the selection or has veto power over the president’s choice?
(more…)
Tags: Federal reserve chairman Larry Summers, in bed with Wall Street, Larry Doyle, Larry Summers next chairman Federal Reserve, Obama Federal Reserve chairman, Obama selection of Larry Summers, Wall Street Club, Wall street owns Washington, who is in the Wall Street club, who will be next Federal Reserve chairman, who will succeed Ben Bernanke as Fed chair
Posted in Federal Reserve, General, Larry Summers | 8 Comments »
Posted by Larry Doyle on August 23rd, 2013 7:00 AM |
How deep in the tank have our regulators gone over the years to protect Wall Street rather than upholding their mandate to provide real investor protection?
Really deep.
How might we measure the depth?
Check out the following incredible statistic highlighted by one of my favorite financial journalists, that being Bloomberg’s Jonathan Weil. (more…)
Tags: captured regulators, criminal referrals on Wall Street, Gretchen Morgenson New York Times, in bed with Wall Street, in bed with Wall Street Larry Doyle, Jonathan Weil Bloomberg, lack of financial regulation, lack of prosecutions on Wall Street, Louise Story New York Times, regulatory capture, too big to jail, Wall street owns Washington, why hasnt anybody been prosecuted on Wall Street
Posted in General, regulation, regulatory capture, Wall Street Washington Incest | 4 Comments »
Posted by Larry Doyle on January 18th, 2013 8:42 AM |
Two months ago, I inquired as to who might be our nation’s next chief financial cop, that is, the next head of the Securities and Exchange Commission.
Are we about to see a continuation of the Wall Street-Washington revolving door at work for this critically important position? How so?
A leak yesterday puts the name of Mary Jo White into the mix to head the SEC. Who is she? Is she the right person for the job? Not according to Sense on Cents Hall of Famer Gary Aguirre, who pulled no punches yesterday in asserting,
“Obama is not going to clean up financial corruption by pinning a sheriff’s badge on Wall Street’s protector-in-chief.” (more…)
Tags: how does revolving door work, lack of investor protection, mary Jo White Debevoise Plimpton, Mary Jo White John Mack Gary Aguirre, Mary Jo White Pequot Holdings case, Mary Jo White SEC, revolving door, San Diego Reader Wall Street Lawyer to Head SEC?, SEC, SEC Mary Jo White, Wall street owns Washington, Wall Street protector in chief, Wall Street-Washington incest, watch your wallets, who is Mary Jo White, who wil Obama name as next head of SEC, who will be next head of SEC, who will be the next head of the SEC, who will next chair the SEC, who will next head the SEC, who will next lead the SEC, will Mary Jo White lead the SEC
Posted in General | 5 Comments »
Posted by Larry Doyle on March 24th, 2010 12:22 PM |
I wrote extensively in 2009 as to How Wall Street Bought Washington. Well, it would appear that the purchase and sales agreement between these two entities remains in place.
A recent press release highlights developments on Senator Chris Dodd’s proposed Financial Regulatory Reform along with a recent assessment by Washington insider and Illinois Senator Richard Durbin.
DEMOCRATIC FINANCIAL REFORM BILL EXITED SENATE BANKING COMMITTEE WITHOUT RESTORING KEY INVESTOR LEGAL RIGHT TO HOLD KNOWING AIDERS AND ABETTORS OF FRAUD ACCOUNTABLE (more…)
Tags: aiding and abetting fraud, Arlen Spector, banking lobby, Central Bank, Denise Voigt Crawford, Dick Durbin, financial fraud, financial regulatory reform, FINRA, Illinois senator Richard Durbin, Jack R, Jack Reed, Jeff Merkley, Lehman Brothers fraud, Lehman cooked the books, Mary Schapiro, NASAA, North American Securities Adminstrators Association, opinion Research Corporation, Ray Hanania WJJG, Richard Ketchum, SEC, senate Banking Committee, Senator Chris Dodd, Senator Chris Dodd financial reform, Stoneridge, Ted Kaufman, Wall Street Bought Washington, Wall Street lobby, Wall street owns Washington
Posted in General | 2 Comments »
Posted by Larry Doyle on March 3rd, 2010 9:49 AM |
News that a newly proposed Consumer Financial Protection Agency will be housed within the Federal Reserve is another shot across the bow in terms of Wall Street owning Washington and beating Main Street.
Am I surprised by these results? Not at all. The power of the Wall Street lobby is enormous and ultimately the crowd in Washington needs the money from Wall Street in order to pretend they represent the interests of Main Street. All the press conferences and politicking on the topic of consumer financial protection truly amount to nothing more than pure bluster. The bottom line of Wall Street banks feeds the bottom line of many politicians in Washington on both sides of the aisle. (more…)
Tags: campaign contributions, CFPA, Consumer agency Within Fed Seen as Victory for Banking Industry, consumer finance, consumer finance protection agency, Federal Reserve, financial education, financial regulation, Lauren Saunders National Consumer Law Center, Securities Act of 1933, sufficiency of financial regulation, transparency and integrity of financial regulation, Wall Street lobby, Wall street owns Washington, Wall Street Washington Main Street
Posted in General | No Comments »
Posted by Larry Doyle on January 7th, 2010 9:31 AM |
Tim Geithner, then head of the New York Fed, blinked and screwed the American taxpayer out of billions of dollars in the process. How so?
Geithner and his cronies in Washington have misrepresented–if not outright lied–about the payments to both domestic and foreign banks in settling exposures to then failing AIG. While politicians and pundits alike will reference the precarious nature of the time and heat of the moment to defend Geithner and his cronies, the simple fact is the settlement of the AIG swaps at 100 cents on the dollar was nothing short of one of the greatest heists in our country’s history.
This heist transferred multiple billions of dollars from the American taxpayer to the likes of Goldman Sachs, JP Morgan, Societe Generale, and many more domestic and foreign banks as well. (more…)
Tags: AIG, AIG payment to Societe Generale, AIG swaps, AIG swaps settlement 100 cents on dollar, Darrell Issa, Darrell Issa Tim Geithner AIG, Geithner's new york fed Told AIG to Limit swaps disclosures January 7 2009, Goldman Sachs, JP Morgan, Lloyd Blankfein Goldman Sachs, payments to banks, settlement of AIG swaps, Societe Generale, Tim Geithner, Wall street owns Washington
Posted in AIG, General, Tim Geithner | 21 Comments »
Posted by Larry Doyle on August 14th, 2009 8:23 AM |
Treasury Secretary Geithner has adapted to Washington very quickly. How so? His willingness and ability to distort and conceal the truth is consistent with much of what emanates from our nation’s capital. I literally gagged upon reading the extremely superficial commentary in today’s Wall Street Journal, Geithner Sees Good Vital Signs:
U.S. Treasury Secretary Timothy Geithner said the Obama administration wouldn’t allow Wall Street to return to such old habits as taking on excessive risk, and that plans to overhaul financial-market regulation were on track.
Does Secretary Geithner think that people do not monitor these issues? His statements in this article are the equivalent of a Wall Street bond salesman’s assertion “trust me on this,” while jamming an overpriced security down his client’s throat. My response, “challenge!!” Let’s navigate.
Geithner asserts:
“I don’t think the financial system is reverting to past practice, and we won’t let that happen,” Mr. Geithner said. “The big banks are running with much less leverage now, much more conservative liquidity cushions, there’s been a significant shrinking of their balance sheets, getting rid of bad assets (LD’s highlight) and cleaning up. And the weakest parts of the system don’t exist anymore.”
Sense on Cents challenge: the system is chock full of toxic assets. The new-issue securitization market for consumer assets remains largely dormant and the TALF and PPIP programs are largely a joke. I submit “PPIP: A Virtual Odd Lot” (July 7, 2009).
The Wall Street Journal continues: (more…)
Tags: Geithner adapts to Washington practice of distortiing the truth, Geithner addresses financial regulatory reform, Geithner addresses need for better regulatory oversight, Geithner conceals the truth, Geithner has never publicly addressed FINRA, Geithner has not addressed regulatory reform for rating agencies, Geithner promotes Federal reserve as uber-regulator, Geithner says trust me, Geithner says Wall Street risk is addressed, Geithner Sees Good Vital Signs, Geithner talks about financial regulatory reform, Geithner talks about regulation for credit cards and mortgages, Geithner talks about regulation for derivatives, Harry Markopolos, has Wall Street cleaned up toxic assets, has Wall street returned to business as usual, how are TALF and PPIP doing, Obama and team have lost momentum for financial regulatory reform, Toxic Assets, Wall street owns Washington, why doesn't Geithner speak to Harry Markopolos, why has Wall Street rebounded
Posted in General, regulation, Tim Geithner, Wall Street | No Comments »
Posted by Larry Doyle on July 1st, 2009 12:21 PM |
U.S. Rep. Barney Frank (D-MA), House Financial Services Committee Chairman
Barney Frank should not be so presumptuous to think that it is just “now” that a large percentage of America is starting to hate him. The displeasure, if not the contempt, for Barney and his minions who have run our country into the ground over the last twenty years is soaring!!
As the Wall Street Journal reports this morning, Finance Lobby Cuts Spending as Feds Targeted Wall Street:
Wall Street’s spending on efforts to influence policy making diminished at the start of this year as the image of financial institutions has suffered with lawmakers and the public. Some of the sector’s major advocate groups lost funding and staff. Their spending declined just as the administration was hammering out its proposal for the biggest reorganization of financial-market oversight since the 1930s, details of which the White House released last month.
Industry lobbyists met last week to craft a response to the White House’s draft regulatory overhaul, particularly its creation of a consumer-oriented regulator for financial products, which could force major changes in how financial instruments are created and marketed. Whether or not the industry can influence this top administration priority, now that the plan is in the hands of Congress, will be a big test of its remaining clout.
The gig is up!! (more…)
Tags: Barney Frank, Barney frank and freddie Mac and Fannie Mae, Barney Frank and John Courson, Barney Frank is starting to be hated, Deval Patrick, Finance Lobby Cuts Spending as Feds Targeted Wall Street, financial lobbying of Washington, how Wall Street Bought Washington, I want to roll the dice, John Courson Mortgage Banker's Association, John Courson of MBA, Legalized Bribery, Obama financial regulatory reforms, Wall Street and consumer finance protection, Wall Street incestuoous with Washington, Wall street lobbying of Washington, Wall street owns Washington, Wall Street's influence on Washington, Wall Street's relationship with Washington
Posted in Barney Frank, General, Lobbyists, Wall Street | 1 Comment »
Posted by Larry Doyle on June 23rd, 2009 7:46 AM |
Did Barack Obama and team give a sly and subtle wink to Wall Street that ‘the game goes on’ and the ‘fix is still in?’ I believe they did.
Many analysts, myself included, view Obama’s proposed regulatory reforms as a combination of ‘reshuffling the deck chairs’ and ‘cosmetic surgery.’ In the process of those maneuvers, the rating agencies – Wall Street’s Great Enabler – went largely untouched.
The rating agencies business model presents massive conflicts of interest for all involved. The greatest conflict centers on the fact that the rating agencies’ stream of revenue remains beholden to the Wall Street banks. Without addressing that issue, any dialogue on this topic holds no water.
The Wall Street Journal does yeoman work in highlighting the continuation of the Wall Street charade in this area in writing, A Triple AAA Punt:
If world-class lobbying could win a Stanley Cup, the credit-ratings caucus would be skating a victory lap this week. The Obama plan for financial re-regulation leaves unscathed this favored class of businesses whose fingerprints are all over the credit meltdown.
How is it possible in the midst of such a massive financial meltdown that Obama, Geithner, and team could leave this critically important piece of the regulatory puzzle untouched? Actually, it is quite simple.
As with any heist, the perpetrators need a ‘bag man,’ who will take a payoff while providing cover to the operation. This scenario with the rating agencies is a prime example of How Wall Street Bought Washington.
Obama is flexing his muscles for the public, but without changes within the rating agencies the signal to Wall Street from Washington is that it is ‘business as usual.’ The WSJ offers as much:
The Obama plan does make plenty of vague suggestions, similar to those proposed by the rating agencies themselves, to improve oversight of the ratings process and better manage conflicts of interest. The Obama Treasury has even adopted the favorite public relations strategy of the ratings agency lobby: Blame the victim. “Market discipline broke down as investors relied excessively on credit rating agencies,” says this week’s Treasury reform white paper. After regulators spent decades explicitly demanding that banks and mutual funds hold securities rated by the big rating agencies, regulators now have the nerve to blame investors for paying attention to the ratings.
Sense on Cents believes strongly we need transparency and integrity in the regulatory process. What Obama has delivered in this key area are ‘vague suggestions.’
Am I surprised? No. Once again, the American public at large and investors specifically are subjected to ‘business as usual.’
LD
Tags: A Triple AAA Punt, business as usual on wall street, changes for rating agencies, fix is in on Wall Street, how Wall Street Bought Washington, is Triple AAA rating truly meaningful, no change in ratings process, no real regulatory changes with rating agencies, no regulatory reform of rating agencies, no transparency in Wall Street ratings process, Obama and geithner leave rating agencies alone, Obama offers vague suggestions on rating agency reform, rating agencies business model, rating agencies go untouched by Obama, rating agencies lobby, rating agencies regulatory reform, rating agencies remain unchanged, rating agencies revenue, reform of rating agencies, Wall street owns Washington, Wall Street ratings process unchanged, what does Triple AAA really mean
Posted in General, rating agencies | 4 Comments »
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